A U.S. District Court denied the assertion by a national bank that a state law requiring the bank to pay interest on certain property-related escrow accounts was preempted by the National Bank Act and OCC regulations.
A Japanese bank agreed to pay the New York State Department of Financial Services $33 million to settle claims relating to the conduct occurring prior to the bank's conversion of its state-licensed branches to federally licensed branches in November 2017.
A payday retail lender entered into a Consent Order with the Consumer Financial Protection Bureau for alleged violations of the Consumer Financial Protection Act, the Gramm-Leach-Bliley Act and the Truth in Lending Act.
A national bank agreed to pay $65 million to settle charges for misleading investors by failing to disclose sales misconduct, which affected its reported "cross-sell" (i.e., selling products/services to existing customers) metrics.
A national bank reached an agreement with the Consumer Financial Protection Bureau to pay $335 million in restitution to customers affected by alleged failures to properly adjust annual credit card interest rates.
The U.S. District Court for the Southern District of New York determined that the Consumer Financial Protection Bureau "lacks the authority to bring claims" because it is "unconstitutionally structured."
A national bank agreed to pay a total of $1 billion to settle charges with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau regarding its comprehensive risk management program and certain home mortgage and auto loan policies.
A mortgage banker agreed to pay a $5 million fine to settle charges brought by the New York State Department of Financial Services for failure to develop certain controls and keep records as required under state banking law.